The offshore drilling market is expected to register a CAGR of approximately around 1% during the forecast period of 2021-2026. The COVID-19 pandemic has severely affected the market due to the reduction in oil prices. The oil prices plunged to negative for the first time in history, which led to major offshore projects being unviable. However, the increasing growth of the world, coupled with the artificial supply shortage created by OPEC+ countries, is picking up the prices of crude oil, thus, making offshore drilling more profitable. This may aid in the growth of the market. Factors such as improved viability of deepwater and ultra-deepwater projects are likely to drive the offshore drilling market during the forecast period. However, the volatility in crude oil is expected to restrain the growth of the offshore drilling market in the coming years.
The offshore drilling market is partially fragmented. Some of the key players in the market include Baker Hughes Company, Haliburton Company, Schlumberger Limited, Transocean Limited, and Saipem SpA.
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